Agree Realty Co. (NYSE:ADC) Given Consensus Rating of “Moderate Buy” by Analysts

Agree Realty Co. (NYSE:ADC) has received an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $81.19.

A number of equities analysts have recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research note on Friday, May 16th. Robert W. Baird raised their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Wells Fargo & Company upped their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Finally, Barclays set a $77.00 price objective on Agree Realty and gave the stock an “equal weight” rating in a research report on Wednesday, May 21st.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in the business. abrdn plc increased its holdings in shares of Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after acquiring an additional 10,446 shares during the period. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Sage Investment Counsel LLC purchased a new position in Agree Realty in the 4th quarter worth approximately $329,000. Finally, Oppenheimer Asset Management Inc. increased its stake in Agree Realty by 24.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after purchasing an additional 3,776 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.01 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty has a fifty-two week low of $59.66 and a fifty-two week high of $79.65. The stock has a market cap of $8.14 billion, a PE ratio of 41.58, a price-to-earnings-growth ratio of 2.88 and a beta of 0.56. The stock has a fifty day moving average of $75.33 and a 200-day moving average of $74.04.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the company earned $0.43 EPS. Equities research analysts anticipate that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a $0.256 dividend. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.15%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. Agree Realty’s payout ratio is presently 173.45%.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.